The complete level of correction achieved.
I expect the completion of the fifth wave.
From my previous post, my short @116.7 was exited fully at price 90.8. Price has made a come back and is challenging the big sell zone again! First short triggered @116.1
Short Term to 120: Line of resistance Hit Potential to 130: Cup and Handle Breakout
At the recent top, i saw two bearish engulfing candlestick pattern. The latter one is even more serious as it engulfed the first engulfing pattern with 15x the normal volume! Like a shark swallowing a small fish. With MACD & RSI showing bearish divergence and moving lower.. I will short URI at 116.7 with stop loss at 120
URI is testing the July Pivot highs with price closing well off that level for the second day. Thursday's price action looks strong and maybe setting up to resume the uptrend.
...with add-on opportunity on the horizon
4/23/14 Current price of URI is $95.00. We can establish a short strangle with a probability of 85% and receive a credit of $210.00 if URI closes between 77.5 and 110 on 6/21/14.
Conservative entry on retest of 72 support/ 50 fib. More aggressive entry would be 73 support/33%. Stop below swing low. Target just below 78.
URI has been uptrend since 2009 and it hasn't show any bearish yet. Wait for pullback to buy.